KKR Agrees to Acquire Gen II for $5 Billion

KKR agreed to acquire Gen II, a New York-based fund administrator, in a deal valuing the company at approximately $5 billion including debt. The acquisition allows KKR to leverage the increasing demand for outsourced fund administration, which has been driven by the expansion of private-capital funds and heightened regulatory scrutiny.

Gen II provides tax, compliance, and back-office services to more than 12,000 entities across the private equity, private credit, infrastructure, and real estate sectors. KKR is purchasing the business from an investor group led by buyout firms Hg and General Atlantic, both of which originally invested in Gen II in 2020.